Path Confirms Series B Funding From Redpoint, Richard Branson and Others
We reported last night that Path closed Series B funding of $40 million led by Redpoint Ventures and planned to announce it today. And indeed, a spokeswoman for the company just emailed out the official acknowledgment.
Path described the Series B funding as “more than $30M,” and said it also included Greylock Partners and Sir Richard Branson.
In the emailed statement, Path CEO Dave Morin noted the investors’ commitment to building Path “for the long term,” and said the funding would be used for “international growth and expansion as well as user adoption.”
Allow me to dissect this just a little bit. Morin described Path as a “mobile personal networking” start-up, while Redpoint’s Satish Dharmaraj called the app “a private mobile-focused social network.” Those descriptions diverge from when Path relaunched late last year as a “smart journal.” It’s subtle, but a tweak all the same.
Also, it’s noteworthy that Path explicitly said the money would go toward “user adoption.” Traditionally, social apps don’t like to talk much about spending money to acquire users.
Path said its Series B investors are: Greylock Partners (David Sze), Redpoint Ventures (Satish Dharmaraj), Jerry Murdock , Sir Richard Branson, Kleiner Perkins Caufield & Byers (Chi-Hua Chien), Index Ventures (Mike Volpi), Mark Pincus, Yuri Milner and Allen & Company.